Lords of Finance

Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed

My review

rating: 4 of 5 stars
I listened to a Blackstone audio version during commutes. I never would have finished it if I had been reading as a book for too many characters were introduced and never heard from again. That's a problem with nonfiction, you can't make a composite character for the sake of the narrative.

I learned a lot and recommend it (that's why I give it 4 stars.) I recommend the last section (disc 19 for me) where the author compares certain similarities between the advice and strategies of economic advisors and the stance of politicians with historical events.


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Review of Game Over by Stephen Leeb, Ph.D

Game Over: How the Collapsing Economy Will Sink Your Wealth by 50% or More -- Unless You Know What to Do by Stephen Leeb

My review

rating: 4 of 5 stars
It is time to get our heads out of the Canadian Tar Sands and read this book to promote discussion and cooperation. "Even today, Americans still cling by and large to the optimism born in the postwar period. Yet, while we bask in a false sense of security, the rug is being pulled out from under us."

I read this book at a slow pace, a chapter a day, to give myself time to truly hear the challenges to seven comforting but false assumptions. "These assumptions are:

1. The world contains virtually limitless oil and mineral deposits. If the supply gets tight, we can always find more.

2. Governments and central banks know how to keep inflation under control.

3. Economic growth, perhaps with some occasional small interruptions, is on a perpetual upward track that will bring greater prosperity to all the world's inhabitants.

4. America's wealth is based on enduring advantages--including free enterprise and Yankee ingenuity--that will ensure we will always have the top spot in the global pecking order.

5. The national debt is no problem because economic growth will be so strong that we can pay it off...someday.

6. Technology can solve all our long-term problems. It's just a matter of putting more money into research.

7. Meanwhile, we can easily cope with any short-term emergencies. If we need new infrastructure, we'll build it. When it becomes urgent to switch to alternative energies, we'll turn our attention to it and get the job done. Ditto for reversing the trade deficit, funding government entitlement programs, or anything else. Therefore, too much planning ahead isn't necessary."


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